Data Enrichment Strategies To Bring Effective Profits To Your Business

Data Enrichment Strategies To Bring Effective Profits To Your Business

We are talking about businesses in 2023. All the promises you see on big advertisements today require a strong backend support of data.

Especially when your company deals with in B2B business domain, data plays an essential role in being accurate, effective, and people’s favorite. 

But how can you do that effectively? After all, you can’t trust everything on the internet. Here come the data enrichment & data cleansing processes that are essential for all modern-day businesses. 

If you haven’t heard of this term before, don’t worry. In this article, we are going to explain this and the strategies you can use data effectively. 

What Is Data Enrichment & Data Cleansing?

Data is essential for all businesses to survive the highly competitive market presently. But not all data are good enough to proceed.

Data Cleansing

While collecting data, you may get your hands on scraps only and a handful of valuable data. 

One, to make a good approach to consumers and business deals, must refine the raw data stored in their systems. This refining process is called Data Cleaning. 

Data Enrichment is totally opposite to Data Cleansing and is the process of adding more important & crucial information to the raw data sheet. 

This gives you data reliable & accurate. Most importantly, this refined and enhanced data adds more than just numbers.

One can look for the interests, emotional responses, and satisfaction-like parameters from the data, offering a better convincing pitch to the client. 

Strategies For Data Enrichment

Here are the top 5 Data Enrichment strategies to go for transforming your whole business conditions. 

1. Web Scrapping

The web Scraping technique is probably the most affordable Data enrichment strategy. This is completely free & only needs your efforts.

In this process, you go through numerous websites, to collect huge amounts of data. You can directly use this data in your CMS or spreadsheets. 

This process is free but costs a huge amount of your time. To save that time and use it somewhere else in your business, you can use Data enrichment tools.

They help you scrap the complex data from websites as well as these tools such as Captain Data integrate with your business and collect data from all sources such as social media, emails, and surveys and offer reliable insightful data. 

2. Manual Research

The second strategy comes as manual research. In this process, you scrawl through different platforms and look for crucial data about a company or a consumer.

If you’re into a B2B business, this will help you get the information from all platforms a company/consumer is active on. 

  • Websites
  • LinkedIn Sales Navigator
  • Google Maps [Mostly ignored by businesses]
  • Yellow Pages & Industry Directories. 

The main motive here is to get small accurate data instead of collecting bulk data. It is focused and has greater potential for conversions. 

3. Data Appending

The Data Appending strategy collects new additional data from different sources of the same customer base as previous and makes the data more intriguing, reliable, and focused.

Data Appending

You can use a survey or form to ask for these details from your previous customers. 

Adding data to your raw database means producing highly accurate data that promise high returns when used wisely.

Some best ways to go through this process is by using the Data from CRM, marketing systems, and 3rd party data. Some of such crucial data are as follows. 

  • ZIP codes
  • Address
  • Current phone numbers
  • Age
  • Emails, and many more

4. Data Categorization

Often data are unstructured and complex to understand properly. So companies divide them into several categories to use them effectively.

This technique helps the companies to analyze the data & retrieve it for reaching out to customers with personalization.

The unstructured data, when structured also helps with team management & operating the customer support system. Below are two major divisions of data. 

Sentimental Analysis

This data category collects data showing the emotional response of the customers from the surveys about your services, offers, products, or customer support system. 

Topication Analysis

This practice divides data into specific topics based on their texts. It is to collect the data accordingly to the subject such as Sports or psychological or well fare schemes. 

5. Data Segmentation

Data segmentation is somewhat similar to categorization. This technique offers you the liberty to choose & create your custom segments or use the pre-defined variables.

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This is to effectively improve the cold approaches and target high-potential clients. You can use the following pre-defined segments.

  • Demographic- Age, Gender, Occupation
  • Geographic- Countries or States. 
  • Technographic- Preferred technologies 
  • Psychographic- Personal values & interests
  • Behavioral- Actions, Habits, and browsing history. 

Conclusion

Data is everything in today’s business market. But as the internet is loaded with tons of data, you can’t rely on anything until confirmed precisely.

Data Enrichment is the key to the next-gen business strategy. In this article, we have explained what is it and strategies to enhance your data for focused & effective B2B data uses.

Use these strategies and a Data Enrichment tool to give you a rocket boost to your business today. 

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Written by Alan Taylor
I’m Alan, a technology writer with a decade of experience testing and reviewing software. I’m passionate about providing honest and unbiased reviews to help consumers make informed decisions. With a background in computer science and a talent for simplifying complex concepts, I enjoy exploring new technology trends.